Throughout life our goals are often centered-on finding the right match – in love, our careers, where we should live, or who we should live with. So many important choices! We sort through these choices using different decision-making tools – and today technology has become involved.
For instance, some of you may have family heading to college to live in dorms right now. To help connect roommates, universities developed characteristic-matching algorithms to bring together students whose interests and lifestyles mesh. Others of you may be using similar technology to decide which political candidates to vote for in the upcoming elections. Interactive sites have popped up with quizzes to help us determine how our political beliefs match candidates’ policy perspectives and leadership styles.
Finding ways to intelligently filter through large amounts of information gives us confidence that we’re making smarter, more-informed decisions. It gives us the confidence we’re finding the best match.
The business world’s needs are no different. There are many complex decisions to be made, especially in Talent Acquisition! We’re constantly deciding the best match for important positions, screening through application materials in a time-consuming process to elevate candidates. Can you be certain the best candidates rise to the top? Well, AI technology has come to the rescue—flexing its muscles through Candidate Matching, and it’s changing the recruiting world.
How Many Candidates Did You Say You Have?!
Late last year, pre Covid-19, Forbes stated that on average a job opening received an overwhelming 250 applications. With the recent economic downturn, this number has jumped for many organizations. For instance, earlier this month in the UK, 4,228 people applied for one entry-level vacancy!
Some companies like Amazon and other distribution companies are rapidly hiring in high volumes. At the same time, other companies are re-imagining recruiting and their recruiters are still juggling multiple tasks. Even under normal circumstances, recruiters are swamped sorting through the high volume of applications for each of their open requisitions.
Undoubtedly, recruiters need automation.
AI Technology & Algorithms Means Faster Time to Hire
AI technology will not replace your recruiters, but augment their efforts, elevating your team’s value and business impacts. A survey by Forbes Insights found that 87 percent of senior executives believe that AI is important to achieving overall business objectives. And 67 percent of hiring managers and recruiters surveyed by LinkedIn say AI is saving them time. There’s nothing artificial about results.
Jobvite Candidate Matching lets recruiters quickly and easily identify which candidates are most suited for each open position based on skills match and career trajectory. Matches are made using our AI-based scoring system, which learns and improves over time. The benefits of candidate matching for your recruiters can be dramatic:
- Efficiency through automation — Candidate Matching helps recruiters sort through a large volume of candidates by identifying those most closely aligned with a job description in comparison to similar candidates. These AI algorithms automate what has been a manual process since recruiting began. Users make recruiting decisions more quickly, reduce recruiting costs and time-to-fill.
- Bias mitigation — By using Candidate Matching to focus on skills, there is less likelihood that unconscious bias towards things such as gender and race will impact hiring decisions in the early stages of the selection process.
On average, Jobvite customers experience a 27% decrease in time-to-fill based on our ability to streamline the recruiting process for better effectiveness, fairness, and velocity.
Finding the Right Candidate Will Never Be the Same
Recruiters are challenged to find the best-suited candidates for open roles fast. Hiring managers always need new staff “yesterday.” And with today’s high unemployment, companies still actively hiring are experiencing a much larger volume of applicants to screen and evaluate for each role.
With automated, intelligent Candidate Matching, recruiters can prioritize candidates and focus their time on talent with the skills and experience needed to succeed in a position, while quickly identifying candidates who may be more qualified for a different open role
Learn more about AI and Recruiting this week during The Summer to Evolve, where we’ll talk about AI & automation, our newly launched AI Innovation Lab, and solutions like Candidate Matching. Click here to sign-up and we’ll see you there!